Life insurance advisers have a growing opportunity to partner with accountancy practices, which are outsourcing such services.

PG&A Accountants Principal Sue McKeen says her practice had started referring some clients to a life adviser, but the business has “become passionate” about life insurance since her fellow director Paul Gillett died from cancer.

Ms McKeen says the practice now has a checklist that includes insurance needs for every client and this is passed to its life insurance adviser.

“Accountants don’t like the idea they are selling a product; they see providing life insurance cover as another service,” she told the Association of Financial Advisers conference on the Gold Coast last week.

“Some accountants don’t understand what life insurance is about, and a specialist adviser is seen as providing that expertise.”

Ms McKeen says it is important the adviser “looks the part” so they are seen as part of the accountant’s team.

And she says advisers working with accountants should provide regular feedback.

“Accountants like to see what is happening with their clients and don’t have systems to do this so the process has to be seamless,” she said.

“That is why it is important for the adviser to look the part and not just look like a salesman.”

New clients at PG&A are asked if they have a will and she says this leads the conversation on to insurance needs.

“Our life insurance adviser doesn’t give quotes on products,” she said. “If you do that it becomes a transactional relationship and not a professional service.”

The adviser also needs to provide training to accountants explaining types of insurance and changes in the industry.